Technical Analysis on Bitcoin: Bulls Trying To Hang On
Bitcoin is consolidating within a small wedge. The bulls are fighting to defend the $6,400-$6,330 support zone. As price approaches the apex of this wedge, we may see a break in one direction or another.
If the bottom of wave C is in, we should see an impulse wave up. We need to see an increase and follow through with volume if this scenario is to be validated. Here's how it might play out:
A decisive break below the current support zone will likely drop price to the $6,145-$6,070 support zone. We may see a quick rise (bull trap), followed by a sharp drop to complete wave C. Here's how this scenario could play out:
We're still watching the 1 day RSI as it operates within a wedge. A break above this wedge would be a very bullish sign.
Looking at the 4 hour chart, we can see the 8 day EMA is acting as a strong resistance.
Watch my video analysis for MUCH more detail not found above.
Video Analysis:
BIAS:
Short Term: Neutral
Longterm: Very bullish
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!
Workin
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by Workin2005